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SHIB market may continue to see bullish momentum.
Shiba Inu (SHIB) Price Analysis: 09 July
In case bears are successful in holding the $0.0000083 level, Shiba Inu of the cryptocurrency may decline below $0.0000073 and reach the support levels of $0.0000059 and $0.0000050. A purchase indication is provided by the relative index period 14 suggesting up at level 50.
Key Levels:
Resistance Levels: $0.0000083, $0.0000091, $0.000010
Support Levels: $0.0000073, $0.0000059, $0.0000050
SHIBUSD Long-term Trend: Bullish
The daily chart for Shiba Inu exhibits a positive trend. The coin’s value fluctuated four weeks ago, swinging between $0.0000091 and $0.0000083. On June 5, sellers applied pressure, pushing the price below the $0.0000083 support level and down to the $0.0000073 level. Last week, Shiba Inu plummeted after reaching the $0.0000059 support level. The prior resistance level of $0.0000073 has transformed to a support level as buyers now have control over the market. Testing was conducted and then retracted at the $0.0000083 resistance level.
The price is currently going above the two EMAs after the 9-period EMA crossed above the 21-period EMA. If buyers maintain their pressure, the price may move past the $0.0000083 resistance level and test the $0.0000091 and $0.000010 levels. If bears are successful in holding the $0.0000083 level, the price of the cryptocurrency may decline below $0.0000073 and reach the support levels of $0.0000059 and $0.0000050. A purchase indication is provided by the relative index period 14 suggesting up at level 50.
SHIBUSD Price Medium-term Trend: Bullish
Shiba Inu’s 4-hour chart indicates a bullish trend. Selling outweighed buying when the cryptocurrency’s value fell below $0.0000091 over the previous five weeks. At the aforementioned level, the zeal of the sellers pushed the price lower, breaking through the $0.0000083 support level and testing $0.0000059 in the process. The price appears to be bouncing between $0.0000073 and $0.0000083 when the resistance level of $0.0000083 is tested.
Shiba Inu is currently trading above the 9-period and 21-period exponential moving averages. The 55 levels of the Relative Strength Index suggest a negative trend.
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